One of the most important parts of purchasing a Beacon Hill condo for sale is finding the right lender and loan options. Obtaining a Boston Beacon Hill mortgage for your condo will allow you to pay your purchasing costs in relatively small and feasible increments rather than paying for a unit outright. However, financing a Boston condo is a bit more challenging than financing a home. Strict standards can make it difficult to qualify for condo loans and these funding products often have higher interest rates compared to loans that are designed to fund the purchase of single-family homes.

The borrower and condo must qualify

With home loans, borrowers must prove their financial fitness to lenders. Lenders want to know that buyers can cover their ownership costs, maintain their property and property value, and still enjoy a comfortable quality of life. With condo loans, however, both buyers and condo associations must be lender-approved.

To qualify for a  Beacon Hill condo loan, buyers will need to have regular, stable sources of income and stellar credit. They will also have to make down payments on their properties of approximately 15 to 25 percent. Condo associations cannot have pending litigation or forthcoming special assessments. These entities will also need to have sufficient budget reserves and all necessary forms of insurance. Fifty percent of all condo units will have to be owner-occupied and no single investor can own more than 10% of the units. These requirements ensure lenders remain in compliance with the lending guidelines that have been set forth by the Federal Housing Association (FHA).

Non-Warrantable Condos

When  Boston Beacon  Hill condo associations are not in compliance with FHA guidelines, buyers will have to fund the purchase themselves or try working with local banks. Properties like these are commonly referred to as “non-warrantable”. Getting funding from local banks for “non-warrantable” condos often entails down payments as high as 40 to 50 percent.

Applying for a Loan on an Approved Property

When both buyers and condo associations meet lending standards, the loan application process can be seamless and hassle-free. The first step in this process is to consult with a lender or mortgage broker to learn which products are best suited to your needs. Loan products are selected based upon a borrower’s credit rating, income and debt amounts, as well as his or her short and long-term purchasing goals. Consulting with a reputable mortgage broker gives buyers the opportunity to shop loans and lenders while learning more about the benefits and drawbacks of different funding options.

When you’re ready to make the move and become an official Downtown Boston condo resident, reach out to us. We know Downtown/Midtown condos and are ready to help you find your new Beacon Hill condo, loft, or penthouse.

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Author Profile

John Ford
John Ford

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs

In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.


For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.


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John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.

John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114



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